Credit Check
Sometimes this is the only thing people do, and it’s not enough. Check the credit to see if the potential tenants pay their bills, have bankruptcies, or collect a lot of open and delinquent accounts. You can get a good financial picture by running a credit check.
Income Verification
Make sure the prospective tenants qualify in terms of income. Our rule is that a tenant’s gross monthly income must be at least three times the monthly rental rate. So, for a $2,000 rental, they need to earn at least $6,000.
Employment Verification
Anyone can give you a slip of paper that shows they work for any company. Ask for verification in the form of pay stubs. If a potential tenant is self-employed, ask for the previous year’s tax return. Verify that they earn what they say they make.
Criminal Check
We have found that sometimes you’ll be surprised at what you find in a criminal background check. You might not want people in your property if they have a violent or drug-involved past. This can be tricky and you don’t want to violate any laws, but do a criminal check before you approve a tenant.
Landlord Reference
Get a reference from at least one previous landlord. Talk to the current landlord or even the one before the current landlord. Ask if the tenants paid on time and took care of property.
Comply with all fair housing laws while screening and accepting or denying an applicant. If you’d like some resources from a northern Virginia property manager to effectively screen tenants, please contact us at Richey Property Management.
